Lebanon’s fiscal deficit (Budgetary & Treasury) contracted by 53.58% in 2020 to around $2.71 billion, compared to $5.84 billion in 2019. The primary balance (Budget & Treasury) was a deficit of $648 million, in comparison with a deficit of $286 million in 2019. In detail, the deep economic recession has taken a toll on government revenues (Budget & Treasury) which fell by 8.02% y-o-y to around $10.18 billion, with tax revenues dropping by 16.44% to $6.95 billion and non-tax revenues plunging by 4.29% to $1.10 billion. The drop in tax revenues came as a result of the 42.79% dip in VAT revenues to $1.24 billion, the 28.35% decrease in customs revenues to $855.66 million and the 10.52% contraction in miscellaneous tax revenues to $4.13 billion. On the other hand, the drop in non-tax revenues came in spite of the 6.44% rise in telecom revenues to $1.01 billion. Concurrently, government expenditures (Budget & Treasury) (including debt service) fell by 23.75% in 2020 to about $12.89 billion as debt service dwindled by 62.87% to $2.06 billion in the aftermath of the government’s decision to suspend Eurobond payments. In addition, budget expenditures over previous years dropped by 15.89% to around $1.59 billion, with transfers to Electricité Du Liban (EDL) contracting by 38.59% to $924.36 million as a result of the shambolic drop in oil prices. On the other hand, treasury expenditures increased by 19.95% annually to $1.49 billion. Consequently, the deficit to total expenditures ratio contracted to 21.02% in 2020, compared to 34.53% a year earlier.